Old Mutual pays out almost £50m in compensation

  • Story by: Daniel McAllister
  • Magazine: InvestmentAdviser
  • Published Monday , October 06, 2008

Old Mutual has dished out nearly £50m to settle a long-rumbling dispute between its Skandia subsidiary and its former Swedish asset management business.

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Skandia was forced by an arbitration board to pay the £47m and interest to Skandia Liv in compensation for taking above-market rate fees from the firm. Skandia Asset Management, which ran the assets of Skandia Liv, was sold to Den Norske Bank in 2002, before Old Mutual snapped up Skandia. Julian Roberts, chief executive at Old Mutual, said the firm was pleased with the outcome of the ruling.

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